Gold prices in India slipped to their lowest level in around a month on Thursday, tracking decline in the global market.

In the early morning trade on the Multi Commodity Exchange (MCX) yesterday, the benchmark October contract slipped to Rs 30,200 per 10 grams, a level last recorded on 16th of August.

Some experts expect gold prices to fall below Rs 30,000 per 10 grams in line with the ongoing decline in the price of the precious yellow metal in the global market, where prices slipped 3 per cent overnight.

Gold prices fell as gold futures dipped following tensions between the United States and Syria eased. The two sides eased their stance, allowing diplomatic talks to sort out the issue.

Chennai-based wholesaler MNC Bullion's director, Daman Prakash Rathod, said, "Demand is weak. Buyers are waiting for prices to fall below 30,000 rupees. They are comfortable with buying around 29,500 rupees. At that level, they can start restocking for the festival season."

Silver for delivery in September on the MCX slipped 1.69 per cent to Rs 51,554 per kilogram (kg). Silver future for December delivery is now expected to drop below Rs 50,000 a kg.